Hello it’s Ty Crandall with credit Suite and in this short video we’re going to talk
about
how you can get approved for business credit, many people try to build
business credit and unfortunately they fail
and the reason for this is there’s a series of steps you must take
in order to get approved for real business credit,
now by real credit I mean credit that doesn’t require a personal guarantee
or doesn’t require a personal credit check for approval.
Now the first step to insure your businesses set-up credibly,
so your business application should really reflect that you have real
business
to be able to get initial credit so this means you need a business address
a business phone number fax number, you need to have a proper licenses
you need to have your entity such as corporation or LLC set-up
you need to have website, professional e-mail address your bank account set-up
most importantly you need to make sure that you have
EIN number for your business and 411 a listing
those are 2 of the basic requirements and a lot of initial credit issuers
you want to see
to give you initial credit approval. Now next
get approved with true starter vendors. The key to approval is that your
business credit profile and score must be good enough to stand on its own
so you won’t need to supply your social, so if you supply your social your personal
credits going to be checked
which is something you don’t want so don’t supply your social,
now keep in mind the key to getting approval real business credit revolving store
credit accounts cash credit accounts
is that you have to have a credit profile established
for your EIN, how do you do that you do that through the starter vendors
monopolize your marketplace is one Quill is one
Uline one if you get initial credit with these companies
used your credit pay your bill then they report to the business credit reporting
agencies
and when those items report within 90 days then you’re able to move on and
start getting approved for store credit,
keep in mind business credit can be built very fast so it won’t take long to have
a profile
that can stand on its own, you’ve got to have 5 vendor accounts
reported to move on to store credit usually you could do this within the
first 90 days
then you get 5 store credit cards to places like Walmart,
Best Buy , Amazon.com and within 4 to 6 months if you follow those
steps
you should didn’t qualify for cash credit
such as Visa, MasterCard, American Express accounts that you can use
anywhere. Now another pitfall to avoid is to apply for store or cash credit too
quickly
this is what a lot of people do they hear about business credit
it sounds good they go into their bank and say I heard I can get money with no
social
give me a card and the bank says no way well this is not what you want to have
happened to you,
you got to remember there are steps that need to be followed you need to make
sure your business set-up credibly you need to get those 5 vendor accounts first.
Then you move on to store credit and then you move in to cash credit,
you’ve got to get those vendor accounts first I cannot tell you how important it is
then you’ve got to give them time to report and you’ve got to have access
to your business credit reports to Dun & Bradstreet,
Experian you can easily get those online they’re very affordable
usually less than 50 bucks to get and then you can verify
to see these accounts actually reporting on your credit profile
score, then and only then is it time to start
applying for store credit you cannot apply for store credit
unless you have this 5 vendor accounts reported or you won’t get
approved and with 10 total accounts reporting
then you can move in to the main goal which is
actual cash credit accounts with Visa, Master Card, American Express
and more. So this is exactly how you get approved
for business credit if you got some great information like the video
subscribe to our channel
this is video was intended to be very short but on our channel we have
our long sessions will be mapped out every step in this process also make
sure
you click on this video we’re gives you the option
of grabbing a free guide in our guides we also mapped out in detail
exactly how you can get approved for business credit again this is Ty
Crandall
I look forward to talk with you and seeing you again on the next video.